The cryptocurrency market is starting the week on the right foot following last week’s sharp sell-off. Dogecoin price staged a compelling rebound from the perfect touch of the MA 200 ($0.15) on June 22. At the time of writing, DOGE was exchanging hands at $0.255, up 4.02% in the last 24 hours and 9.71% weekly. Ranking 6th largest, Dogecoin market capitalization sits at $32.96 billion and $2.16 billion in traded volume over 24 hours. On June 28 which marks the occasion of the ”dogefather” @Elon musk’s birthday, Dogecoin is getting surprise support from the Tesla CEO for its Fee Policy change proposal. Dogecoin dev, Ross Nicoll had tweeted ”The Dogecoin fee change proposal is up!” to which Musk replied ”Important to support”. Dogecoin is yet to respond positively to this news and was seen paring intraday gains as of press time.
Key Levels
Resistance levels: $0.4000, $0.3500, $0.3000
Support Levels: $0.1950, $0.1700, $0.1357
DOGE/USD Daily ChartDogecoin’s price staged an impressive rebound from the perfect touch of the MA 200 ($0.15) on June 22. The rebound ran into resistance at $0.29 on June 25, however, the bulls defended the $0.22 support and Dogecoin continued its recovery. Dogecoin’s recent rebound has once again failed to clear the supply zone above $0.27. If declines persist, stiff selling pressure may push the DOGE/USD pair to the base of the latest rebound at $0.22.
The sell-off may then accelerate towards the strong MA 200 support ($0.15) if the $0.22 level fails to hold. On the upside, an initial resistance is near the $0.29 level. The first major resistance remains at the MA 50 ($0.346). Beyond here, $0.46 and $0.60 are other hurdles to be lifted before a recovery could carry on to the all-time highs of $0.76.
DOGE/USD 4-Hour ChartThe DOGE/USD pair is holding in extended consolidation around the MA 50 (currently at $0.238) after the recent bear-leg from $0.44 (June 2nd high) found footstep near the $0.16 level. The RSI hovering around the 50 neutral marks suggest an equal advantage to the bears and bulls. If prices continue to head lower, bearish traders may eye the initial target at $0.238( MA 50). Below here, support should come from the $0.228 barrier before continuing from stronger losses towards the $0.215 level.
A drop below this level would reinforce the bearish outlook and open the way for a retest of the $0.16 level. However, should an upside reversal take form, immediate resistance would likely come from the MA 200 around the $0.309 resistance. A break above it could propel DOGE until the $0.44 to $0.60 level, while even higher could send prices to the $0.76 mark. Overall, DOGE/USD remains in a neutral to bearish mode.
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